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20121205
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Search Results 0 to 25 of about 26 (some duplicates have been removed)
off of session highs, but they were encouraged by the fact not only was ben bernanke going to be printing more money but also the china seems to be gaining little bit of steam. good day for oil traders. liz: purchasing $85 billion in bonds per month saying it will keep rates low until we see the implement rate fall below 6.5%. that is historic, folks. and then said probably mid-2015, which is what they have said all along. find out if he thinks the right moves are being taken right now. david: one of the guys willing to take on alan greenspan also a hike in dividend taxes could be spelling trouble for utilities companies. chairman and ceo policy impact a tax hike will have and how today's meetings with senators and white house officials did go. liz: but first, what drove the market with the "data download," and volatile day on wall street, the stocks waiting until the fed announced and then it happened, it did pop and lost the momentum into the close. ending a five-day winning streak, 70 points plus gain. telecom and financials were sitting pretty much the top performing se
customers and thereby strengthen the housing market. >> thank you very much. >> fed chief ben bernanke, he should have quit at hello. the market lost all of their games plus a point. 6.5%, that is the point say unemployment rate at which ben bernanke says any future rate moves will now be tied. a news conference in washington, he emphasized his top priority now shoring up the job market. the decision to live up the printing presses in january. the fed investors said they will not stop buying bonds until they drop. 85 alien dollars and we created money each and every month, 45 billion of that put in longer dated treasuries. by mortgage-backed securities. dow jones industrials really straddling the flat line. up more than 81 points after the announcement of markets like this announcement and started to take a second look. the nasdaq has been down most of the day. investors gave the plan a thumbs-up and saw stocks at their best levels since october but giving up the games as you see, what went on. big intraday swings around 12:30 p.m. eastern when the fed made the decisions known. take a look
statement from ben bernanke and company. qe forever. cheryl: full team coverage for the entire hour, nicole petallides watching traders' reaction from the floor of the nyse, jeff flock watching action on the trading pits of the cme and we have you covered with all-star fed panel. first we begin with nicole petallides on the floor of the nyse with stocks at the top of the hour. the fed now up 6. nicole: we are up six points, we are for six day is a row for the dow jones industrial. some would say people were waiting on the fed, talk about more easing and more stimulus and traders, they were asking about extending the programs, we will see about that. as far as major market averages the dow is just above the unchanged line like the s&p 500 and the ticket in nasdaq pulling back and you see the markets are very tepid and hovering right near zero and waiting for each headline. dennis: thank you, critics are calling it q e forever. the expected in moments to announce a new stimulus. cheryl: a current bond buying program, operation twist is scheduled to end. let's bring in our all-star panel. let'
money, but the market says thanks, ben bernanke and friends. we know the votes went through, and 11-1 decision. the market's acting this and running with it and moving to session highs so that these are session highs of 76 points on the dow jones industrials, a gain of 1/2%. the ticketing nasdaq is the worst of the month but it isn't 1/3% and the s&p 5 uuder the 0.3% and the s&p 5001430. anyone watching yesterday, he talked about the bias to the upside, talked about 1430 and talked about heading to 1440 and we are not are off of that level. american express leading the way. >> no deal to avoid the fiscal cliff, john boehner keeping the dialogue going and even trading new proposals but not stopping them from calling each other out. rich edson is in washington. >> that usually stops or pauses at the very least when there is progress. democrats and republicans have been stuck for weeks. the white house reduced its offer on tax increases for $1.6 trillion to $1.4 trillion including a willingness to begin corporate tax reform. republicans santa white house has to embrace significant spen
are joining them. geez, i may faint. now to washington, d.c. with fed chairman ben bernanke sent a chill down the spine of traders on wall street. bernanke said the fed's money printing should last only until we hit 6.5% unemployment. markets didn't like that one bit and a good rally was completely erased. and we go to damascus where the assad regime is firing scud missiles and where did those missiles come from anyway? >>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama care taxes or for that matter the fiscal cliff tax hikes that are coming. let's faulk about this. we have igor volsky and guy benson. guy benson, i am glad they have won't up to this lousy medical
. stay with us. >> someone in dc is focussed on job, fed chairman ben bernanke pledging more easy money to cut the unemployment rate. what does the economy look like in the new year, wells fargo chief economist, john silvio next. lou: chairman ben bernanke made a historic move sitting unemployment rate as a target for monetary policy. we'll be taking that up, talking with wells fargo chief economist john silv sylvia in moments, and announcing they will spend -- a month buying mortgage-backed security. what the market expected and stocks rallied a bit on the announcement, a little. then ben bernanke talked about the fiscal cliff that ended that rally, stocks coming off their highs, index, swung 102 points over second, and s&p finished where it began, nascar -- nazdaq down over 8 points, and trading on big board, busiest in the week, walmart a big mover, dropping retailer part of an overall weak group, best answer, profit taking with the sell-off walmart up, 18 -- almost 19ers in on the year, 10 year, yield rising to 1.69%, and crude market, up, joining me now, wells fargo chief economist
to realize that ben bernanke really has no idea what he's doing and must admit that his policy that's been in place now for four years of free money and 0% interest rates has really produced a very poor employment picture. let me prove my point. the november non-farm payroll report, we actually lost 22,000 jobs in the goods-producing sector. how could that be after four years of 0% interest rates? labor force participation rate, falling. the employment-to-population ratio falling and the key demographic of 25-55-year-olds, that demographic, they are leaving the workforce. >> michael, i get the feeling you're not a huge fan of ben bernanke. what would you do if you're the chairman then? >> if i was the fed chairman i would resign and realize that 12 people have absolutely no idea what the cost of money should be. the most important mechanism, symbol in a free market economy is the cost of money, and they have no idea telling us what that price should be. >> price mccain, help us out here. what's your expectation in the fed has said they are going to keep rates this low at least until unempl
the republicans for not even wanting to consider tax increases. but don't you dear blame ben bernanke for not being willing to take bold action to get this economy hiring and moving again! even if his statements about economic weakness ultimately caused the averages to stumble from some pretty lofty levels. dow only declining ability 3 points s & p inching up 4.4%. close in positive territory. nasdaq giving up 2.8%. >> when you look at what ben bernanke did ntoday -- the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business. we are not going to get in your way. we're not going to allow interest rate to go higher until we get many hundreds of thousands of people hired! [ applause ] . ben bernanke has become the jobs commander in chief. we've heard nothing but carping
. maria is off today as we welcome you to "closing bell" as ben bernanke wraps up his final news conference of 2012 after the fed's two-day meetings in which they agreed to continue to buy treasury securities and mortgage-backed securities, but the new wrinkle now in monetary policy that we all heard about today was a new kind of target. he called it a guidepost. to this point they said they would keep the fed funds rate at around 0% until 2015. now they say they will keep it there at least until the fed funds rate drops to 6.5%. it's currently at 7.7%, and while he was talking, mandy, the market lost ground. >> absolutely. let's take a look right in front of you. what you've got is the dow sitting right there on the line. it did actually drop negative just in the last five, ten minutes. we were at the highs of the day around 81 points to the positive on the dow. and then we really watched as ben bernanke was speaking the market lose its steam. the nasdaq also went negative where it is right now, and, you know, bill, i guess we'll ask our guests what it is that the market was dis
bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own forecasts, that might be reason enough for them to start raising interest rates even if unemployment has not come down 206.5%. >> sreenivasan: markets traditionally love certainty. why didn't they embrace it today? >> i think markets are starting to question whether the fed actually has the ability to deliver on this commitment to low unemployment. they've got the interest rates at 0, they have trillions of dollars worth of bonds and still the economy is very, very weak. >> sreenivasan: going forward, are there things that we should be looking for as signs from the fed on what's going to happen or should we be paying more attention to unemployment rate? >> well, the fed has taken one more step today. they're doubling the amount of bonds they're buying by printing money. they call that quantitative easing. but the other fact
two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lot of discussion about how much they are willing to do, given the tenuous nature of the talks in d.c. >> i think that this is one of those that is really at the front. things want to hear things haven't gotten worse. if it hasn't gotten worse, they'll stop buying the bonds. the competitive nature of bonds will rise at the same time the dividends will not be as bountiful. there's enough to not like that i think people will be freaked out. if he is not -- he must be opaque. he must go back to greenspan speak and say, listen, you know, on the one hand, on the other, simply because he has no clue whether we'll go off the fiscal cliff or not. i'm calling for opaque, return to the old days, of we have no idea what he means. >> the headlines the next day that are literally competing headlines. >> please, go back to being uncl
. christine romans is talking markets. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of proposal from the wh
miimism in four years. it doesn't matter what ben bernanke does. i think his programs have long since not really helped the employment side, but the fiscal cliff is doing obvious damage. that's going to make what everybody knows is coming. we ran out of two years to sell. they're going to go from a twist to outright purchases. it's fully built into the market, but it isn't going to help. the fiscal cliff is going to do more damage to the psyche of job creation than anything that ben bernanke can do. >> any expectations in terms of the jobs numbers? what do you look for? >> we're looking for better than expected. rit, the sandy effect will be there. you should see actually better job growth next year, and that also becomes that second catalyst into the marketplace that could put the s&p at an all-time high next year. >> what about the fiscal cliff though? if we take out the mortgage deduction, which is being hotly debated in terms of the exemptions and loopholes, does that stop this housing recovery in its tracks? >> if you pick a midpoint between 0% and 3.5% and call it a fiscal slope
of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't workers feel free to make that choice to say their dollars are going to the union or not based on they feel they're getting results? so that's what this is really doing. so that's why i view this as pro-worker, not anti-union. >> the right-to-work clause regarded as a big blow to organized labor which has seen membership decline across the country. down to private sector 7%. >> you think overall, isn't it, 7%? more than 5
more can chairman ben bernanke and company do to reassure the market. a senior economist joins us. we know ben bernanke has been. warning us for months. the fed is doing everything it possibly can to pointing the finger at washington that it has to do more. do you think the economy has already suffered for lack of a deal to avoid the fiscal cliff? >> i think so. if we look at business investments declining in the third quarter, some as business nervousness. businesses are holding back on investment, near-term. lori: do agree the fittest and all they all they can in expecting an announcement of wanted it using three this week? the fed cannot solve this problem. >> they need to avoid most of the spending cuts and tax increases with economy likely to go under recession. the fed can help out somewhat but if we see those spending cuts and tax increases, we're likely to see it go back and ino recession. lori: purchasing the short-term, we invest in the long-term help in the mortgage market. we have seen a real those haitian, is it fair to say it has helped those housing in the economy? >> a
, that awareness, that recognition that ben bernanke and former cea lazear should not undermine that we face temporary or futures skills gaps but there is three reasons we should be focused on this. number one, even the unemployment today that is fundamentally about cyclical demand can easily become the next structural skills problem of the future. we know that one of the challenges we face right now in our economy is not just lowering unemployment, but lower and long-term unemployment, and that if we allow regions of our fellow citizens to stay unemployed for year or two years or longer, we know from study after study that they will have more trouble establishing a skill going forward. there will be a crisis for us in the country, but we will also be sitting by and letting a new structural skills gap expand because we're not taking enough efforts right now to get people back to work and deal with long- term unemployment. secondly, there's clearly some immediate still a gap issues. you hear it in wilders, engineers, and we should be focused on that. third and perhaps most importantly, the l
:00 p.m. and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balance sheet and a new round of stimulus would.
, "ben bernanke is to make a last fiscal cliff police." "topping a yearlong campaign, he would get one last chance to talk washington down from the fiscal cliff. host: c-span will be carrying that press conference live, fed chairman ben bernanke, on c-span 3. you can find that at 2:15 p.m. eastern time. you can find it on their website, we will be archiving that after the fact. what deductions would you give up? let's go to dawn in eugene, oregon. caller code good morning. listen, the contribution thing is a way to be of service, as far as i'm concerned. host: by contribution you mean charitable contribution? caller: yes. it is something that i would want to keep. i mean, not keep, but i would be willing to contribute to that concern about taxes. my main concern is the mortgage deduction. how severe -- many of us have every dollar that we account for on the federal. if we did not have that, we would be up to 25%. this would be quite a severe blow if this were done in a cut and dried fashion. maybe they can do a tiered thing? that is the thing about taxes, a lot of people purchase prope
about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. let's not get back to where it was but start going down. that does not have to be austerity. imagine fixing social security. right now, it is
reserve chairman ben bernanke says u.s. unemployment, a huge problem, huge waste of potential -- human potential, he said. bernanke says the fed will replace operation twist with a new $45 billion asset buying program. overall, the fed is committing to buy $85 billion worth of securities a month. the program seeks to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and punishing government spending cuts if there is no deal in washington to craft a softer landing. with me now from los angeles, economist, author, ben stein. ben stein, good to see you, sir. you know, look, despite all we're hearing and seeing out of washington, we can at least discern some movement on this issue of taxes. let me just take you back, house speaker john boehner, his first position was no new taxes. president obama was asking for new taxes totalling $1.6 trillion. after the election speaker of the house ponied up an offer of $800 billion, exactly halfway between his zero and the president's $1.6 trillion.
. speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a fall in consumer confidence and less business activity and he said that it's impair tea that the congress comes to a deal with the white house and he was asked, do you think that term is correct a. fiscal cliff? is it a slope, maybe? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff
. and also you have this concern happening in japan. we have this week, ben bernanke and the fed will meet at a two-day fed meeting. a lot of people are hoping to hear from the federal reserve chief that there will be some kind of on going stimulus in the form of, you know, bond buybacks or something. we'll be looking to see what he has to say about the economy. this is another big uncertainty in the markets for the week. you know, this comes after consumer spending showing as "the wall street journal" set this morning, consumer spending, consumer confidence wabbling. this is europe concerns. we're seeing that consumer heading into the end of the year is starting to get a little more nervous about where we're headed here. now fiscal cliffs and payroll, fiscal cliff has a lot to do with this. the american payroll association this is the trade group for all of the small business who's are doing payrolls, you know, paying you. they say the fiscal cliff really isn't january 1st. their fiscal cliff is december 14th. that's the time they need to have the software changed to make sure the tax cha
is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. with the spending programs to really see that not just get back to where it was, but also to start going down. that does not happen with the
on further stimulus action. >> it will be hard to say how expansionary that move is. if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what th
Search Results 0 to 25 of about 26 (some duplicates have been removed)